Exxon and Chevron profit growth continues

According to Bloomberg, Exxon Mobil (NYSE:XOM) and Chevron (NYSE:CVX) posted strong profits not seen since 2008, when oil topped $145 a barrel. The companies' strong performance over the past four quarters reflects successful efforts to streamline portfolios and cut costs in response to successive oil market crashes. As a result, shareholders have no reason to worry about keeping the dividend even if oil prices hover around $78. Exxon posted a net profit of $11.4 billion thanks to a sharp increase in oil production from new wells in the US and off the coast of South America. Chevron's profit rose to $6.6 billion on rebounding refining revenues amid growing demand for fuel. Both companies posted strong profits for four consecutive quarters, despite global oil prices falling more than 35% year-over-year. Although investors were disappointed by Chevron's decline in Permian production, Exxon shares rose 1.9% and Chevron shares shed 0.8%.